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cliff has finished. john boehner was at the white house today, trying to reach an agreement to avoid hundreds of billions of dollars of tax increases and spending cuts. no statement is expected anytime soon. we go live now to washington to war correspondent, ben. >> all of the participants at this meeting left without a word. i don't think we will hear from them the rest of the day. there is a great deal at stake and very little time left. it has been reported that president obama presented a plan to increase taxes on income over a quarter million dollars per year, as part of the deficit reduction plan to deal with american debt. he would probably say to the congressional leaders that need to figure out a way to get it through, but i think the expectations in washington of a deal are low with only three, four days left until the new year and the media tax hikes and spending cuts taking and -- kicking in. >> that means perhaps heading back into recession? >> yes, there is little doubt in washington about
cliff has finished. john boehner was at the white house today, trying to reach an agreement to avoid hundreds of billions of dollars of tax increases and spending cuts. no statement is expected anytime soon. we go live now to washington to war correspondent, ben. >> all of the participants at this meeting left without a word. i don't think we will hear from them the rest of the day. there is a great deal at stake and very little time left. it has been reported that president obama...
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. >> the fiscal cliff isn't the only looming deadline. geithner is warning the nation will hit their debt ceiling on new year's eve. how will it impact your wallet? we are joined by rich edson. nice to see you. what will it mean for everyone? >> if you are borrowing money that could be problem matt ag. analysts say if we surpass the debt ceiling, and the pressurery department can do accounting and buy us a little more time, about $200 billion more time. but if we do surpass that point, interest rates would go up if you are looking to borrow money. money invested in the stock market, analysts predict worldwide markets would have major problems. if you get payments from the government in any form, whether paidfy the government, whether your job is involve in the government or if you get social security checks, if you get veterans benefits, if your government pace your healthcare, all of that could be at risk if there's not enough money or borrowing authority to pay the bills. >> you mentioned the word extraordinary circumstances. what a nic
. >> the fiscal cliff isn't the only looming deadline. geithner is warning the nation will hit their debt ceiling on new year's eve. how will it impact your wallet? we are joined by rich edson. nice to see you. what will it mean for everyone? >> if you are borrowing money that could be problem matt ag. analysts say if we surpass the debt ceiling, and the pressurery department can do accounting and buy us a little more time, about $200 billion more time. but if we do surpass that...
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when they say cut spending, mean it. >> mean it. >> efficient the fiscal cliff, it should be called the obama cliff and swan dive over it. good idea or bad idea? >> yeah. i think that would be part of accepting all the consequences and letting the chips fall where they need to fall. but i think what the house republicans need to do especially, knowing that they had whatever mandate they did have after the election, house to be the opposition party, to stand for core limited government principles and not sell us down the river. particularly all the small business operators and entrepreneurs trying']jñ to kep their head above water. >> thank you very much. have great weekend. >> you too. >>> we have senate minority leader mitch mcconnell existing the meeting now. we're going to keep our eye out and hopefully one of these guys comes to a camera. in the watch it. former president george bush bush remains in intensive care but good news regarding his condition. we'll have the latest from outside his houston hospital coming up next. share everything. share brotherly love. share one up's. mo
when they say cut spending, mean it. >> mean it. >> efficient the fiscal cliff, it should be called the obama cliff and swan dive over it. good idea or bad idea? >> yeah. i think that would be part of accepting all the consequences and letting the chips fall where they need to fall. but i think what the house republicans need to do especially, knowing that they had whatever mandate they did have after the election, house to be the opposition party, to stand for core limited...
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him to give me one word to describe his feelings entering this fiscal cliff shark tank. >> excitement. >> reporter: s this doomsday. >> but i'm confident -- this is doomsday. >> but i'm confident that congress will see the will of the people. >> reporter: he says he's excited about making sure his supporters know he is ready to hit the pavement running. one supporter in particular. >> my own mom at christmas dinner told me do not raise my taxes. she is following just like other americans what's going to happen with the fiscal cliff. >> reporter: representative elect swalwell says his new office in d.c. won't be much bigger, but the responsibilities monumental. his message? >> mom, i'm working for you. i'm receiving your text messages and i'm going to make sure that i stand up for you and the people who i grew up with. >> reporter: swalwell will be the second youngest member of congress when he's sworn in january 3rd. he leaves this sunday for washington d.c. to pick up his new keys to his office. in dublin juliette goodrich, cbs5. >> he better listen to mom. good luck. >>> a storm tha
him to give me one word to describe his feelings entering this fiscal cliff shark tank. >> excitement. >> reporter: s this doomsday. >> but i'm confident -- this is doomsday. >> but i'm confident that congress will see the will of the people. >> reporter: he says he's excited about making sure his supporters know he is ready to hit the pavement running. one supporter in particular. >> my own mom at christmas dinner told me do not raise my taxes. she is...
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cliff has finished. john boehner was at the white house today trying to reach an agreement to avoid hundreds of billions of dollars of tax increases and spending cuts. no statement is expected anytime soon. we go live now to washington to war correspondent, ben. >> all of the participants at this meeting left without a word. i don't think we will hear from them the rest of the day. there is a great deal at stake and very little time left. it has been reported that president obama presented a plan to increase taxes on income over a quarter million dollars per year, as part of the deficit reduction plan to deal with american debt. he would probably say to the congressional leaders that need to figure out a way to get it through, but i think the expectations in washington of a deal are low with only three, four days left until the new year and the media tax hikes and spending cuts taking and -- kicking in. >> that means perhaps heading back into recession? >> yes there is little doubt in washington about th
cliff has finished. john boehner was at the white house today trying to reach an agreement to avoid hundreds of billions of dollars of tax increases and spending cuts. no statement is expected anytime soon. we go live now to washington to war correspondent, ben. >> all of the participants at this meeting left without a word. i don't think we will hear from them the rest of the day. there is a great deal at stake and very little time left. it has been reported that president obama...
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otherwise, the so-called "fiscal cliff" looms on january 1. that's when automatic tax hikes and spending cuts go into effect. senate majority leader harry reid says even if something gets done now there may not be enough time to get it through congress. we'll just wait to see what happens. >> we have been waiting a long time. >> i know. >> hopefully the deadline will help. >>> we have a big holiday weekend and a wee bit of rain. >> that's this afternoon the right now it's cold. that's what we'll focus on in the meantime. cold temperatures are dipping below freezing now. look at fairfield, that's just dropped to 31 degrees. some people scraping some frost off their windshields this morning. 39 in vallejo. 35 santa rosa. so all that blue tells us it's chilly. and unfortunately by this afternoon, well, i guess it's fortunately if you like the cold weather, but it is going to be slightly cooler today than yesterday. a lot of low 50s. 52 santa rosa. only 50 in fairfield. a little more mild around the bay, 54 in oakland and fremont. as frank just me
otherwise, the so-called "fiscal cliff" looms on january 1. that's when automatic tax hikes and spending cuts go into effect. senate majority leader harry reid says even if something gets done now there may not be enough time to get it through congress. we'll just wait to see what happens. >> we have been waiting a long time. >> i know. >> hopefully the deadline will help. >>> we have a big holiday weekend and a wee bit of rain. >> that's this...
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because even if we get something that avoids the fiscal cliff by some makeshift deal, it's not addressing the real problem, and the real problem is somehow we're going to come up with $1.2 trillion or more in revenue and significant spending cuts on all sides including military cuts and entitlement cuts so we can actually put our debt under control. until we do that, all we're doing is kicking the can down the road. now, is there a value to kicking the can down the road in avoiding the fiscal cliff? yes. but if they go over the cliff and then fix it in the next week with another stopgap, is there any real harm? who knows. if that make it is easier for republicans to vote for it, is it a disaster? probably not. but understand we had seven weeks in which we could have a done a big deal which would have gotten the debt under control, would have caused the economy to -- it would have been a catalyst to have this economy take off, and we blew it. we blew it. >> you know, governor dean, to that point here we are essentially looking over the abyss of the fiscal cliff, and i know you have said in
because even if we get something that avoids the fiscal cliff by some makeshift deal, it's not addressing the real problem, and the real problem is somehow we're going to come up with $1.2 trillion or more in revenue and significant spending cuts on all sides including military cuts and entitlement cuts so we can actually put our debt under control. until we do that, all we're doing is kicking the can down the road. now, is there a value to kicking the can down the road in avoiding the fiscal...
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economy will go off the so- called "fiscal cliff." that's when automatic spending increases and cuts would take effect. reaching a deal won't be easy because both sides are involved in a high stakes political blame game. >> we are here in washington working while the members of the house of representatives are out watching movies and watching the kids play soccer and basketball and doing all kinds of things. they should be here. >> i told the president we would be happy to look at wah he proposes but the truth is we are coming up against a hard deadline and as i said this is a conversation we should have had months ago. >> reporter: democrats want to extend the bush-era tax cuts to everyone except those americans making $250,000 or more a year. many republicans are against any tax increases. most americans just want something to be done. >> people are just tired of partisanship and they want everyone to come together. >> reporter: if lawmakers don't reach a deal by january 1, many economists are concerned it could eventually lead to a
economy will go off the so- called "fiscal cliff." that's when automatic spending increases and cuts would take effect. reaching a deal won't be easy because both sides are involved in a high stakes political blame game. >> we are here in washington working while the members of the house of representatives are out watching movies and watching the kids play soccer and basketball and doing all kinds of things. they should be here. >> i told the president we would be happy to...
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but that's cutting pretty close, as you can imagine, because we go over the fiscal cliff as of monday night without a deal. so pretty tight timeline there. >> what is the thinking at this point, dana bash, that most congressional leaders feel like going over the cliff, whether they will say it publicly is one thing, but going over the cliff might be better, because on the other end of it, you can vote for tax cuts versus raising taxes for a certain number of americans, politically speaking, isn't that a better scenario for them? >> it may politically be a better secenario for some congresspeople. but it will be a catastrophe because of public opinion, the way markets would respond on january 2nd. i think politically obviously it saves a little face, particularly for some republicans who don't want to vote for tax increases. taxes increase automatically, but it isn't without consequences and we're trying to get a sense today -- the meeting that you mentioned, 3:00 p.m. at the white house, congressional leaders with the president and vice president. coming out of that, i think we may ha
but that's cutting pretty close, as you can imagine, because we go over the fiscal cliff as of monday night without a deal. so pretty tight timeline there. >> what is the thinking at this point, dana bash, that most congressional leaders feel like going over the cliff, whether they will say it publicly is one thing, but going over the cliff might be better, because on the other end of it, you can vote for tax cuts versus raising taxes for a certain number of americans, politically...
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we could tax all the rich people and cut their heads off and it wouldn't help the medicare fiscal cliff. we need to do both, and the president has to lead it. if he does, i'm ready to work with him and so are a lot of other republicans and democrats. >> so, mandy, a lot of different proposals floating around here in washington. a lot of ideas. a lot of attempts to read the minds of those key people in the room. >> eamon, is it true that some senators have left the boat and are fishing on their own for a deal? >> yeah. there are a couple of different proposals floating around out there now. you always have it in the senate, gangs of two, three, four, five senators put out their own ideas. at this late hour what the markets should focus on are the five leaders and the president that will be in that room. anything coming from any other senator is probably not fully baked enough to get through here at this point. it has to come from the leadership. >> eamon, thank you very much. appreciate it. >>> higher taxes is part of the cliff story. our next guest says there are other concerns that go
we could tax all the rich people and cut their heads off and it wouldn't help the medicare fiscal cliff. we need to do both, and the president has to lead it. if he does, i'm ready to work with him and so are a lot of other republicans and democrats. >> so, mandy, a lot of different proposals floating around here in washington. a lot of ideas. a lot of attempts to read the minds of those key people in the room. >> eamon, is it true that some senators have left the boat and are...
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cliff, the massive tax increases and spending cuts to take place in four days. the president and vice president will be meeting with house speaker john boehner, minority leader nancy pelosi, senate majority leader harry reid, and minority leader mitch mcconnell. and watching all this, jessica yellin live at the white house. jess, what do we think is going to happen here? >> reporter: well, based on the expectations around town, the thought is the president and democrats will lay out an alternative, scaled-down proposal. and there will be discussions about what could be in the details of a proposal they could vote on, in theory, this weekend. the ideal outcome would be all the members agree to the terms of that deal. and then the two senators in the room agree that they can get their parties to bring it to a vote with no one filibustering it. and then on the house side, speaker boehner would agree that he will put it on the house floor for a vote on monday. and then it would pass in the house and in the senate, and it all gets done before new year's eve. that see
cliff, the massive tax increases and spending cuts to take place in four days. the president and vice president will be meeting with house speaker john boehner, minority leader nancy pelosi, senate majority leader harry reid, and minority leader mitch mcconnell. and watching all this, jessica yellin live at the white house. jess, what do we think is going to happen here? >> reporter: well, based on the expectations around town, the thought is the president and democrats will lay out an...
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cliff we are facing and the elimination of the tax cuts. a lot of the small business owners i talked to and know are in favor of keeping the tax cuts in place especially for the middle class. we believe in balanced approach and we think it's ok to allow the elimination of the tax cuts for the wealthy. as taxes increase, the taxes at my business will be effected and i will have less to pay for investments and new equipment, hiring new people, but personally my income tax rates will go up. it's already a financially constrained environment. but customers tax rates will go up creating less demand for my products and less revenue for me and less tax revenue for the government. i want to urge congress and senators to vote for keeping our tax cuts in place, especially for the middle class and pushing our fiscal crisis to a balanced approach. go ahead and eliminate those tax cuts for the wealthiest individuals. if we all look at it and tried to consider what was going to work for the best, we needed to look at consumer demand. consumer demand is i
cliff we are facing and the elimination of the tax cuts. a lot of the small business owners i talked to and know are in favor of keeping the tax cuts in place especially for the middle class. we believe in balanced approach and we think it's ok to allow the elimination of the tax cuts for the wealthy. as taxes increase, the taxes at my business will be effected and i will have less to pay for investments and new equipment, hiring new people, but personally my income tax rates will go up. it's...
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and the meeting that may be the last best chance to keep the country from going over the fiscal cliff. right now, the leaders of the house and senate are sitting down with president obama in a search for an 11th hour deal to prevent severe tax hikes and spending cuts from automatically kicking in with the new year. cnn's chief white house correspondent jessica yellin is getting new details. jess can ka, what are you hearing about that meeting? >> reporter: candy, the president is going to explain or reiterate the position he took on friday, that he would like a plan that extends tax rates for people who make $250,000 and below but raises them for those who make more than that. that it extends unemployment benefits for americans. and if the president, i'm told will say if he does not get an agreement to that plan, he will ask the other leaders what they can agree to, what what they would like instead. if they cannot come up with a proposal that will pass the house and the senate, will ask for a vote on his measure. but that meeting, candy, is still going on. congre congressional leader
and the meeting that may be the last best chance to keep the country from going over the fiscal cliff. right now, the leaders of the house and senate are sitting down with president obama in a search for an 11th hour deal to prevent severe tax hikes and spending cuts from automatically kicking in with the new year. cnn's chief white house correspondent jessica yellin is getting new details. jess can ka, what are you hearing about that meeting? >> reporter: candy, the president is going to...
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host: what led to the fiscal cliff? guest: the fiscal cliff is the combination of a bunch of different tax and spending decisions made by washington, dating back over the past 12 years. we had the bush tax cuts that began in 2001 and 2003. we extended them under president obama. those are set to end on monday. $110 billion in annual spending cuts were agreed to under president obama as part of the debt ceiling negotiation. those begin on tuesday. we have the payroll tax cut in place for two years, takes about two percentage points off people's taxes, bill will end on monday. business tax breaks, bill will end on monday. the alternative minimum tax, which is confusing, but it would be a disaster if that was not taken care of, because it would raise the taxes of about 30 million americans for their 2012 income and 2013. and all the confusion could screw up the whole tax filing season. who knows when you will be filing your taxes, because the irs does not know which tax rates will be applied and who will be responsible for
host: what led to the fiscal cliff? guest: the fiscal cliff is the combination of a bunch of different tax and spending decisions made by washington, dating back over the past 12 years. we had the bush tax cuts that began in 2001 and 2003. we extended them under president obama. those are set to end on monday. $110 billion in annual spending cuts were agreed to under president obama as part of the debt ceiling negotiation. those begin on tuesday. we have the payroll tax cut in place for two...
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. >>> we talked about the effect of hitting the fiscal cliff on american taxpayers. what about businesss? what about businesses? rick newman of u.s. news and world reports tells us they're cutting back already. >> to say that business leaders are anxious i think is an understatement. i think they're thoroughly disgusted because you couldn't run a business like this, and they all know that. it is just kind of driving them crazy. but business leaders have been watching this for a long time, don. unlike a lot of consumers who may have just started paying attention over the last couple of weeks. business leaders have known this is coming for a long time. they know how ugly and dysfunctional it was in 2011 when we went through something similar with the debt ceiling. and they have more or less been expecting the same thing. so what we have seen over the last couple of months is that business activity has really slowed down. >> rick newman, u.s. news and world reports. why don't we remind you once again, that meeting is under way at the white house. at the white house, bet
. >>> we talked about the effect of hitting the fiscal cliff on american taxpayers. what about businesss? what about businesses? rick newman of u.s. news and world reports tells us they're cutting back already. >> to say that business leaders are anxious i think is an understatement. i think they're thoroughly disgusted because you couldn't run a business like this, and they all know that. it is just kind of driving them crazy. but business leaders have been watching this for a...
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>> set the fiscal cliff aside for one moment. you've done extensive research on recovery from recessions. where are we in the current recovery? what in your estimation does 2013 look like from an economic standpoint. >> fairly normal from world war ii financial crisis, housing recovers on cue five or six years later. the good news is that there's stable underlying growth. the bad news is you don't get the zoom you got out of it during the depression. >> we're in year five of a seven year process. >> more than seven years. >> last time you were here you said we were half way through regardless of who wins in 2012. the next four years would not look much better than the past four years. >> we're going to have, i don't know if not very much better than the past four but we're not going to have fantastic growth. unemployment will take many more years to feel normal, so we have many years left in the recovery but hopefully in two or three years we feel like we're moving there and not at the starting point. >> let's talk about the glob
>> set the fiscal cliff aside for one moment. you've done extensive research on recovery from recessions. where are we in the current recovery? what in your estimation does 2013 look like from an economic standpoint. >> fairly normal from world war ii financial crisis, housing recovers on cue five or six years later. the good news is that there's stable underlying growth. the bad news is you don't get the zoom you got out of it during the depression. >> we're in year five of a...
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we're seeing a lot of consumer impact from this, just because of the large budget cuts expected to go through, if we do in fact go off the cliff and of course, there's a lot of variation here it's up to each individual agency to decide how it's going to cut but when we talk to people in the industry they just have a lot of the worst case scenarios almost that could come to play that really do affect consumers. >> there's the farm bill on the edge here as well which could significantly impact milk prices. they're talking about the potential of milk doubling in price, if nothing is done? >> that is certainly one impact that could be felt here. milk prices meat prices as another side effect here because there are federal inspectors that are required to be on hand to process meat and if we have fewer inspectors or they have their hours, might have to curtail some of the processing and talking about meat and milk those are products that they end up in a lot of processed foods as well so it's not just you know, more expensive steaks more expensive milk. >> i wonder though i can understand t
we're seeing a lot of consumer impact from this, just because of the large budget cuts expected to go through, if we do in fact go off the cliff and of course, there's a lot of variation here it's up to each individual agency to decide how it's going to cut but when we talk to people in the industry they just have a lot of the worst case scenarios almost that could come to play that really do affect consumers. >> there's the farm bill on the edge here as well which could significantly...